Blanket Ban of Cryptocurrency-Related Ads Becomes Standard Practice With Big Media
As virtual currencies gain popularity so do fraudsters who follow media trends and use surges in media coverage to “ride the Bitcoin wave of success” up their game. In a major policy shift, Twitter (TWTR.N) has advised its advertisers that like Facebook and Google it also will start banning all forms of advertisements related to any form of cryptocurrency projects, systems, or products. The advertising ban will include (but will not be restricted to) ICO’s, Token Sales, cryptocurrency wallets, and exchanges. Needless to say, get-rich-quick scams will not be allowed as well as these account for most of the online scams which are orchestrated these days by media and affiliate networks.
According to Reuters Thompson, in its recent announcement Twitter “will start banning cryptocurrency …in a clampdown that seeks to avoid giving publicity to potential fraud or large investor losses.” While investors view this as a predictable development, they are not happy with the fact that a sizeable portion of their advertising portfolio has been single handedly thrown out the door for reasons having to do with regulation and reputation management.
This type of news does not do help the already tarnished reputation Bitcoin has gained with various institutional investors as well as the public which is always looking for new and promising money-making opportunities. Truth be said, crypto scams such as Bitcoin Trader and Bitcoin Code are creating a bad reputation for a lot of legitimate crypto business such as mining farms and well-known trading exchanges and this trend will not change any time soon.